One of the UK’s oldest private deposit banks established in the 17th and 18th centuries. Today, aim to combine traditional values with a modern approach to banking and take pride in delivering an outstanding service tailored to affluent, high and ultra high net worth customers’ needs.
Mobile adoption since 2007 and through the release of Apple’s IPad in 2010 has continued to accelerate in pace and grow in scale. The average smartphone today has more computing power than Apollo 11 did when it journeyed to the moon. These powerful little devices have and still are transforming our behaviour and expectations, now:
- We check our smartphone every six-and-a-half minutes, over 150 times a day during a waking day of 16 hours – rarely to make a call, and mainly to surf the web, check social media or open an app
- 84% of people say they cannot go a single day without their mobile phone
- 79% of people 18-44 have their smartphone with them 22 hours a day (63% all but 1 hour)
The Bank must continue to provide secure, highly available and cost-effective online banking services as they have done since 2008. Continual and rapid technology advancements, heightened member and stakeholder expectations and emergence of alternative Digital channels are the primary change drivers requiring the bank to invest in its critical customer facing technology stack . In this fast past, dynamic and consumer driven environment, it is imperative that these customer facing systems not only meet existing needs but also have the ability to appropriately respond to future developments.
How StrataPrime Helped
StrataPrime with its experience in the Digital space helped strengthen an internal architectural team to define a target state design for a new Digital banking platform. StrataPrime was tasked with defining the strategy and the compelling story to secure the funding required from the Executive group and ultimately the board going on to design the programme construct covering all aspects of build, test, migrate and the transition to live. During the process over 12 selection processes were run analysing over 100 independent vendors across the platform, security and services spaces. StrataPrime helped the Bank establish and embed a way to create value cross business based on the target platforms underlying capability resulting in multi million pound saves in efficiency and increased revenue. These set of processes remain available today and could be used for any transformation project in the future to identify, enhance, track and ultimately recognise value over any period.
As a leading independent private bank who bring traditional values delivered in a modern way. This statement can continue to ring true through a solid digital services customer offering underpinned by a new infrastructure; making use of best in class partners with an embedded operational run and change function allowing ongoing enhancement provided through a defined strategy lead by StrataPrime. The Bank is now on its way to becoming not only one of the oldest established UK Bank but the one with a well defined set of customer facing digital services. Now able to recognise increased revenue, operational efficiency and a platform that can keep up with change during a time of unprecedented consumer centric technology evolution and innovation enabling them to respond to this in a cost efficient manner and minimising time to market. That’s the StrataPrime way!